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Economists are sounding the alarm bells about a likely recession in 2023.Insider spoke to five personal finance experts to get their tips on preparing for a downturn. Insider spoke to five personal finance experts to uncover the key steps to help you bulletproof your finances ahead of a rocky new year. "Drop-shipping" — acting as an intermediary between a supplier and customers – affiliate marketing, and earning advertising income from websites are some ways you can build passive income streams. Olamide Majekodunmi, founder of All Things Money, a financial education blog for millennials, said it's important not to sink too many up-front costs into passive income streams in the hope they'll bear fruit. And Chen said it still takes lots of work to get to a point where you can enjoy passive income.
A 2018 study by Ramsey Solutions, a financial consultancy, found money was the second leading cause of divorce behind infidelity. Ramit Sethi hosts couples with quarrels about money on his podcast "I Will Teach You How To Be Rich". Couples don't talk about money"Couples don't talk about money, especially in the early days," Sethi told Insider. "They don't talk about money until they have to. If you reverse engineer, it goes back to 'he wouldn't talk about money with me.'
With Americans predicted to spend nearly $1,000 each on gifts, Christmas is coming at a bad time. A Gallup poll published in October suggested US households will spend an average of $932 on gifts alone. Add to that increased travel and socializing, and you could be putting yourself in financial peril at the worst possible time. Push gift-giving back a few daysIf you want to carry on gifting, but aren't committed to tradition, you could try gifting in January. Huddleston suggested getting each guest to bring a dish or bottle to share costs.
Here's how you can get a grip on your personal finances before and during a recession. We do weird things in times of recession, like comfort-eating meatloaf and ice cream, according to food trend experts. We're also more prone to panicking and making mistakes with our money, personal finance experts and economists told Insider. "A recession sort of reveals problems that people may have, and not necessarily pay attention to much in the good times," he said. In good times, with interest rates low, your viewpoint can be obscured by the ease of getting credit, he said.
Personal finance experts urge building an emergency fund ahead of a likely recession in 2023. The key to bulletproofing your finances is having an emergency fund. What is an emergency fund? How big should my emergency fund be? The experts interviewed by Insider agreed that an emergency fund should cover between three and six months' worth of expenses — a consensus supported by Well Fargo.
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